UK-listed life insurer and financial services group Resolution’s insurance-based wealth management arm, Lombard, has reported a 7% increase in new business premium income, reaching EUR2.9 billion in 2012, from the same period in 2011.
Underlying IFRS operating profit rose by 8% on 2011 levels, excluding non-recurring items. Reported IFRS operating profit decreased to EUR34 million, from EUR43 million in 2011, largely because of an one-off costs in relation to the Lombard’s Strategic Development Plan.
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An 11% increase to in excess of EUR23 billion in Lombard’s assets under management (AuM) was reported for 2012.
Over the past four years, equity increased almost two-fold whilst net debt reduced to nil. Lombard made a first ever dividend payment of EUR5 million in November 2012 to its parent, Friends Life group.
Lombard chief executive officer, Matt Moran said: "Lombard has performed strongly across many markets, demonstrating the benefit of our diverse market strategy. We continue to place greater emphasis on our private banking partners and larger wealth management and financial advisory players who have the scale and potential to provide a more consistent flow of business year on year."
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